Lifetime Mortgages (Formerly Equity Release Mortgages)

What is a Lifetime Mortgage?
In simple terms, a Lifetime Mortgage means you release some of the equity locked in your home by taking out a loan secured on it. For most of us in these times of rising prices most of our money is tied up in our homes. An Lifetime Mortgage is a way to release that money without having to move house

What are the benefits of a Lifetime Mortgage?
With a Lifetime Mortgage there are no monthly repayments to make and the loan and interest are repaid when the plan ends which is normally either when you die or when you need long term care. You retain full ownership of your home and carry on living in it for the rest of your life. Sometimes you can even move if you want to. If you move to a smaller property you may have to make a part repayment. With a Lifetime Mortgage you may even be able to take out a further loan subject to lending criteria at the time, although the availability of further loans is not guaranteed. If you move or change ownership of your home, you may have to repay some or all, of the total loan including interest.